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$1bn Crypto Fraud: Court Authorizes EFCC To Arrest Six CBEX Promoters

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The Economic and Financial Crimes Commission (EFCC) has secured a court order to arrest and detain six individuals suspected of orchestrating a cryptocurrency investment fraud worth over one billion dollars.

On Thursday, Justice Emeka Nwite of the Federal High Court in Abuja ruled in favor of the EFCC’s ex parte application, allowing the agency to apprehend the promoters of Crypto Bridge Exchange (CBEX).

The judge emphasized the strength of the application presented by EFCC counsel, Fadila Yusuf.

READ MORE: EFCC Issues Arrest Warrant For Socialite Aisha Achimugu

“I have listened to the submission of the learned counsel for the applicant (EFCC). I have also gone through the affidavit evidence with exhibits thereto along with the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite declared.

The six individuals named in the case are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

All are accused of using their company, ST Technologies International Limited, to promote CBEX and mislead investors with promises of extraordinary returns.

According to the EFCC, intelligence received in April 2025 indicated that the suspects ran an elaborate scheme in which investors were urged to convert their digital assets into USDT, a stablecoin, and deposit them into CBEX’s wallet.

Initially, users were allowed to monitor their investments, but after accumulating deposits exceeding $1 billion, the platform reportedly became inaccessible.

The anti-graft agency’s preliminary investigation revealed that the investment platform, though promoted by a registered company, lacked proper licensing from the Securities and Exchange Commission (SEC).

Additionally, the accused had allegedly vacated their known addresses in Lagos and Ogun States, making it difficult to track them down.

Fadila Yusuf, representing the EFCC, argued that the defendants’ actions violated several laws and that arrest warrants were crucial to advance the investigation.

She noted that the EFCC received actionable intelligence alleging various criminal activities involving the suspects, and stressed the commission’s responsibility in preventing and investigating financial crimes.

“The defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” Yusuf said.

The commission has requested that the suspects be placed on the red watch list to facilitate their apprehension.

It maintains that granting the application serves the interest of justice and is necessary to proceed with prosecution based on the evidence gathered so far.

Crime

Navy Recovers 98,000 Litres of Suspected Stolen Crude in Rivers

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The Nigerian Navy (NN) has uncovered three suspected illegal refining sites containing about 98,000 litres of petroleum products in Okarki community, Ahoada West Local Council of Rivers State.

It was gathered that the discovery was made on October 10, 2026, during an operation conducted by Nigerian Navy Ship (NNS) Pathfinder under Operation Delta Sentinel.

The Director of Naval Information, Navy Captain Abiodun Folorunsho, gave the details in a statement, exposing that the sites contained approximately 65,000 litres of suspected stolen crude oil and 33,000 litres of products suspected to be illegally refined Automotive Gas Oil (AGO), commonly known as diesel.

The products were stored in about 12 dugout pits and containers across the three locations.

The Navy said no arrests were made because the suspected operators had fled before the arrival of the naval team, adding that the sites and products were subsequently handled in accordance with established procedures.

READ ALSO: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits

According to the statement, the discovery highlights the scale of suspected illicit petroleum storage in the area and the risk of the products entering unlawful distribution channels.

The Navy said the operation disrupted storage activities at the three locations and denied suspected operators access to a substantial quantity of petroleum products for further illegal handling and sale.

It added that it would sustain intelligence-led patrols and operations to identify illegal refining facilities, disrupt the storage and movement of suspected stolen petroleum products, and support efforts to bring those responsible to justice in accordance with the law.

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Oyo Police Arrest Suspected Cultist Who Allegedly Travelled to Avenge Brother’s Death

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The Oyo State Police Command has arrested a suspected cultist, Kingsley Odo, who allegedly travelled to the state to avenge the death of his brother.

The suspect was intercepted by operatives of the Safer Highway patrol team during a routine stop-and-search operation on a commercial bus along Ife Road.

The Police Public Relations Officer (PPRO) of the Oyo State Police Command, DSP Ayanlade Olushola Olayinka, said the operatives recovered a locally made, cut-to-size pistol and a cartridge during a search of the vehicle.

SEE ALSO: Oyo Police Begin Probe Into Abduction of Pastor’s Daughter In Ibadan

Olayinka said further questioning revealed that the suspect had travelled to Oyo State to carry out a revenge killing over his brother’s death.

“Further questioning revealed that he had travelled all the way from Anambra to Oyo State to carry out a revenge killing,” he said.

He added that the suspect had been arrested and was undergoing investigation to establish his connections and determine the extent of his alleged activities.

“All thanks to God and the good effort of the men of the Safer Highway, he was intercepted, arrested, and is currently undergoing investigation to know his connections and how wide it is,” Olayinka said.

Suspect Recounts Brother’s Death

During an interview following his arrest, Odo said the incident stemmed from the death of his brother in 2021, when he was working in Benue State.

He explained that his brother was schooling in Nsukka, Enugu State, when he received information that someone had killed him.

“It was in 2021. I was working in Benue State, so I had information that my brother, who was in school in Nsukka, had just died in the school, that somebody killed him in the school,” he said.

Odo added that his mother died a few weeks after his brother’s death.

He said he subsequently received information that the person allegedly responsible for his brother’s death was living in a southwestern state.

“So, last month, I had information that the boy is living in a state, a Yoruba state. So, I said okay, I will find out that place where he is living,” the suspect said.

He explained that he was travelling from Nsukka towards Oyo State when police operatives intercepted and arrested him.

When questioned about whether he knew the exact location of the person he intended to confront, Odo initially said he did not know the particular state but confirmed that he was heading to Oyo State.

“The information is with me,” he said, suggesting that he had information that could help him locate the individual.

Suspect Says He Bought Pistol for ₦20,000
When questioned about the firearm recovered from him, Odo said he purchased the pistol from a friend for ₦20,000.

“I bought it from my friend,” he said.
Asked what his friend did with firearms, the suspect said the individual might be a hunter.

“I don’t know, maybe he’s a hunter. A hunter who kills with pistol? Yes, he has this one and long, so he was the one that sell this one for me, 20,000,” he said.

Suspect Confirms Membership of Vikings Confraternity

During the interview, Odo was also questioned about reports that his deceased brother belonged to a cult group.

He said he could not confirm whether his brother was a member.

“Maybe he belongs, maybe he did not belong, because I was not there with him,” he said.

However, when asked whether he belonged to a cult group himself, the suspect answered in the affirmative and identified the group as Vikings.

The police said investigations were ongoing to establish the suspect’s connections and determine whether other individuals were involved in the alleged planned revenge killing.

 

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Police Rescue Three Kidnap Victims in Taraba After Sustained Pressure

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Police Rescue Three Kidnap Victims in Taraba After Sustained Pressure
The Nigeria Police Force has disclosed the rescue of three kidnapped victims in Taraba State following sustained pressure mounted by its rescue teams.

The victims were identified as Otuwe Torhumba, 37; Kenneth Nyiutse, 35; and Michael Emmanuel, 27.

The Force made the disclosure on Saturday, October 3, 2026, in its 24-hour operational update covering security operations recorded across the country on October 2.

ALSO READ: 2027: Ogun Police Begins Early Election Security Preparations, Warns Against Political Violence

According to the Police, “Due to sustained pressure by Police rescue teams, three of five kidnapped victims — Otuwe Torhumba (37), Kenneth Nyiutse (35) and Michael Emmanuel (27) — were rescued unharmed and reunited with their families.”

The Police said the three victims were rescued unharmed and subsequently reunited with their families.

The Force did not provide further details on the circumstances surrounding the abduction or the whereabouts of the remaining two victims in the operational summary.

The case is currently being investigated by the State Criminal Investigation Department (SCID), Jalingo.

The rescue was among several operational successes recorded by the Nigeria Police Force during the reporting period.

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